国债

At present a country release of currency into circulation's channel mainly has:1st, the Central Bank buys the bank note issuing stock gol; 2nd, Central Bank purchases the reserve foreign exchange; 3rd, Central Bank purchases the national debt or gives the government to overdraw; 4th, Central Bank to each kind of Loan company provide loan, or buys up the national debt which, the Central Bank bill, the financial bond the Loan company has and so on, and provides the loan through the Loan company to the society; 5th, after Loan company deposit taking, besides deposits the Central Bank certain proportion the guaranty money for deposits or maintains certain deposit deposit, provides the loan to the society, and forms the loan delivery the multiplier effect; 6th, outside Central Bank's each kind of bank purchase national debt, enterprise bond as well as foreign exchange and so on.

目前一国货币投放的渠道主要有：1、中央银行购入发钞储备黄金；2、央行购买储备外汇；3、央行购买国债或给予政府透支；4、央行向各类贷款银行发放贷款，或者买入贷款银行持有的国债、央行票据、金融债券等，并通过贷款银行向社会发放贷款；5、贷款银行吸收存款后，除交存央行一定比例的存款保证金或保持一定的备付金存款外，向社会发放贷款，并形成贷款投放的乘数效应；6、央行外的各类银行购买国债、企业债券以及外汇等。

During the development of Chinese financial system, accelerating the construction of Treasury bond market and enhancing bond's status in deciding interest rate are significant steps toward the aim of completely determining interest rate by market forces.

在我国金融系统逐渐发展完善的过程中，加快国债市场建设，实现国债的基准利率地位，是利率市场化的一个重要步骤和突破口，因此，加强对国债收益率曲线问题的研究显得尤为重要。

This paper examines the relationship between liquidity risk and stock return with the trade data of the A shares in ShangHai Stock Exchange and Shenzhen Stock Exchange.The method used in this paper is two-pass cross-section regression.After decomposing the liquidity risk into systematic liquidity risk and individual liquidity risk,we find that both risks have significant effect on the stock return.

0引言近些年由于长期资本公司的倒闭以及美国国债市场当中刚发行的国债比发行很久的国债(off-the-run)等资产定价异常现象的发现，越来越多的学者认识到流动性是金融资产一个非常重要的特性，流动性资产定价一直是近来金融研究的热点问题，把流动性引入到资产定价模型当中，可以更加全面、准确的对金融资产进行定价。

From their recent lows on 22 February, yields on 10-year Treasuries have moved up by 16 bp, whereas those on comparable-maturity Bunds and JGBs are up 17 bp and 12 bp, respectively.

十年期美国国债收益率从2月22日的近期最低点上升了16基点，相同期限的德国国债和日本国债收益率分别上涨17和12基点。

The seventh chapter, analyzes the effect different sorts of government debt policies chosen by different achievement-inclined deciders has on the frontier management of government debt scale, and comments on the performance of the sort of government debt policies in recent years.

第5章和第6章，主要以我国国债&赤字管理&制度安排下出现的国债预算&灰色&边界为突破口，研究我国政府预算行为，探索提高我国国债预算绩效和财政预算超收资金使用绩效的政策路径。

We find there is the crowding-out effect of treasury issuances. near the starting date of the tender, there is a significant impact of the issuance of treasury bonds, and the aaa grade corporate bonds most affected.

发现国债发行存在着挤出效应，这个效应显著地体现在国债发行招标起始日的附近，国债发行主要对以aaa级企业债为代表的风险偏好相类似资金挤出效应最强。

To expand government bond's function and to increase government bond's supply, are the core contents of functional paradigm positioning.

创新拓展国债功能，有效增加国债功能供给是国债&功能范式&定位的核心内容。

The lack of variation in the term structure of government bond results in the short of bond supply function, while the market mechanism will result in compensation for the lack of novelty features, such as central bank bills and the black market.

国债发行品种期限结构不全，必然要导致国债功能供给缺失，这时市场机制将催生新生事物补偿缺失功能，如央行票据和国债黑市的出现等。

In terms of China's portfolio of Treasuries in the Tic report, the December data show a further big reduction in holdings of short-dated bills and buying of longer-dated coupon debt.

就TIC报告中中国所持美国国债的结构而言，12月份数据显示，中国所持短期国债大幅减少，但增加了长期国债的购买。

Germany's bond-market mishaps reflect the rigidities of the auction process rather than a lack of demand for its bonds.

与其说是国债需求的不足，不如说是国债拍卖程序的僵化导致了德国国债市场的灾难。

According to the clear water experiment, aeration performance of the new equipment is good with high total oxygen transfer coefficient and oxygen utilization ratio.

曝气设备的动力效率在叶轮转速为120rpm～150rpm时取得最大值，此时氧利用率和充氧能力也具有较高值。

The environmental stability of that world - including its crushing pressures and icy darkness - means that some of its most famous inhabitants have survived for eons as evolutionary throwbacks, their bodies undergoing little change.

稳定的海底环境─包括能把人压扁的压力和冰冷的黑暗─意谓海底某些最知名的栖居生物已以演化返祖的样态活了万世，形体几无变化。